Crypto.com has followed Binance in launching a headquarters in France in a bid to establish its presence in Europe.
Cryptocurrency exchange Crypto.com announced on Wednesday that it had launched its European headquarters in France.
The company said it spent around $145 million to establish its European headquarters.
In its blog post, Crypto.com said this latest development comes after it was registered as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) after clearance with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in September.
Crypto.com added that its investment would help anchor its long-term commitment to France via the hiring of local talent to drive the company’s efforts across the region. The French office will focus on compliance, business development, and product.
While commenting on this latest development, Eric Anziani, COO of Crypto.com, said;
“We are incredibly excited to cement our commitment to France and Europe through the establishment of our regional headquarters in Paris. Our regulatory approval was the first important step in our journey in France, and we look forward to continuing to engage with stakeholders across sectors to help facilitate the new digital economy in France and providing customers a best-in-class crypto experience.”
Crypto.com has been around since 2016 and has grown to become one of the biggest cryptocurrency exchanges in the world, with more than 50 million users. The platform’s interface is a mobile app that enables users to buy and sell cryptocurrencies with direct fiat onramps easily.
In addition to its licence in France, Crypto.com also has licences in other countries, including the United Kingdom, Singapore, Italy, Australia, Greece, South Korea, Dubai, the Cayman Islands, and Canada.
During the height of the bull market last year, Crypto.com penned sponsorship deals with several sporting institutions, including the English Premier League, Nascar and Aston Martin’s Formula One division.
Earlier this month, Crypto.com announced that it would be adding Google Pay and Apple Pay support for Crypto.com Visa Card users in Canada.